If you've ever wondered what the difference is between Binance and Binance SG, believe me, you're not alone! 😂 In today's post I will write about the differences between the two platforms in terms of functions, and how you can be using them both.
Why are there two Binances?
I'm not completely sure on this one. My guess is that because Binance operates globally, it can at times be tricky as each country may have their own country specific jurisdictions and set of regulations. Therefore, Binance SG was probably a separate entity spun off from Binance to be able to comply with the local Singapore regulations and operate here legally.
Binance SG is even backed by Vertex Venture Holdings Ltd, the venture capital arm of Singapore-based Temasek Holdings, so you can be sure that it is safe and legal to use Binance SG - you can even link your CPF to Binance SG to fast-track your verification.
Differences between Binance and Binance SG
Despite the similarities and the fact that they are both the same company, there are quite a number of differences in the features between both platforms, and therefore the function and use for each platform differs as well. In short, Binance SG offers much fewer features as compared to Binance, but offers cheaper ways to buy crypto (with less transaction fees)
Read also - How to Withdraw your Crypto from Binance SG
As you can see from the comparisons above, although they are two platforms from the same company, their fees and functionalities differ significantly.
Which Platform do I Use?
I personally use both Binance SG and Binance, but each for their own specific role.
The only time I use Binance SG is when I want to buy BTC or other crypto using SGD. This is because Binance SG offers the lowest transaction rates when it comes to buying crypto with SGD (Binance on then other hand, charges more than 2% in credit card and conversion fees)
After buying BTC on Binance SG, I then send the BTC to Binance, which allows me to do other things like trade with it, or buying or selling other altcoins. This of course, comes with the risks of losing your Bitcoin.
I encourage you to read the "Now that you've gotten your first Bitcoin, what next?" section in the "How to Buy Bitcoin" section on Everything About Bitcoin - link